America is now the world’s biggest debtor

We are now al most six months into the depression approaching a 1932 scenario. America is now the world’s biggest debtor. The US has had a fiat currency for 38 years and major trade deficits for more than 30 years. Is it any wonder we are in depression? Is it any wonder the dollar is under pressure even though our government supports it at every turn in the market?

The US is the biggest debtor the world has ever seen. But what really worries me is that some states, counties and cities have been or are on the verge of going bankrupt.
California is much larger than Greece and we've seen the fallout from the Greek debt crisis. A lot of promises have been made in these cities and states from both the public and private sector and these have been papered over. Greece has been going on about its debt for a decade and people weren't paying attention. The same is happening across the US.
The Fed has already bailed out the banks and I wonder how its finances will cope once more bankrupt states and cities approach it.(Jim Rogers)